Investing in the Beautiful Game: The Strategic Rise of Multi-Club Ownership and the Quest for Profitability in Football

Abstract

Multi-club ownership (MCO) has shifted from a marginal investment tactic to a dominant organizational form in professional football, as of late 2024 more than 340 clubs worldwide are now a part of a MCO. This thesis investigates how MCO structures create long-term financial and strategic value by conducting a focused case study of City Football Group (CFG), a leading MCO model with thirteen clubs across five continents. The study applies a mixed-methods approach, using secondary data sources including financial reports, transfer records, sponsorship deals, and media coverage. It combines qualitative analysis of brand and management strategies with quantitative valuation tools such as revenue multiples and precedent transaction analysis. The research is guided by three sub-questions that explore CFG’s internal resource capabilities, its approach to global brand expansion through Manchester City, and the relationship between CFG’s recurring financial losses and its growing valuation. The findings show that CFG creates value through internal integration, centralized operations, and a scalable network model that enables global visibility and talent mobility. Despite reporting cumulative losses exceeding $1 billion, the group has continued to attract investors and increase its valuation, which currently ranges between $6.6 and $7.8 billion. This suggests that investors prioritize long-term strategic positioning over short-term profitability in MCO models. As MCO structures become more sophisticated and widely accepted, the thesis concludes that CFG may not remain the exception. Given the commercial and competitive advantages of the model, it would not be surprising if most top clubs in Europe operate as flagship clubs within multi-club ownership networks over the next decade.